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“Cement does have a long term growth prospect, especially after the Budget which continued with the capex theme but in the near term, we could see some margin pressure in the earnings. Nonetheless, from a one-year perspective, some of the select cement stocks would do well. Our preferred picks would be UltraTech and Dalmia Bharat.”

The global cryptocurrency market cap rose to $1.82 trillion, up 1.42 per cent over the last 24 hours. Total cryptocurrency trading volume jumped 23 per cent to $100.11 billion, as per Coinmarketcap.

“There are a lot of drivers in the defence sector because of the deep realisation that we need to have an import substitution strategy. That will play out very well and both the public and the private sector players in the defence sector should do well. The basic areas for our technology companies are looking quite rosy and will benefit. So it is a good time to get into Indian technology.”

“From a two-to-three year perspective, the technology sector clearly stands out because the underlying trends are very strong. Second is the energy transition related sectors, which are basically the renewables and the hydrogen and the EV segment. The capital goods sector will be the third pocket. These three pockets will certainly see very strong earnings tailwind from a 2-3-year perspective.”

Gold futures on MCX for April delivery were trading at Rs 51,678 per 10 grams, up Rs 458 or 0.90 per cent. But analysts expected gold to fall going ahead as the bullion is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion.

All 30 Sensex stocks were trading in the black. HDFC climbed 3 per cent to Rs 2,357. Asian Paints, Axis Bank, Kotak Mahindra Bank and HDFC Bank climbed over 2 per cent each. Bajaj Finance, Titan Company, ICICI Bank, Hindustan Unilever and IndusInd Bank added up to 2 per cent.

Naren, who handles assets worth $64 billion, said the solution for investors during the current phase of the market is nothing but asset allocation and systematic investment plans (SIPs).

“Whether the outbreak of the Omicron wave in China will soften the region’s growth is now a much bigger concern than what is happening on the Russia-Ukraine front. My sense is that even a rate hike in June in India could be postponed and we would see a significant amount of bond purchases by the RBI to keep the bond market from moving up in a disruptive manner.”

Macquarie’s Suresh Ganapathy cut his price estimate to Rs 450 from Rs 700, citing lower valuations for fintech companies globally while keeping earnings and revenue estimates for the firm unchanged.

As part of the move, 100 per cent of shares held by JSW Renew Energy (Kar), JSW Renewable Energy (Dolvi), JSW Energy (Kutehr) and JSW Hydro Energy have been transferred to JSW Neo Energy (JSWNEL).